Packaging quarterly update - Q2 2021 Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com
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Packaging quarterly update Q2 2021 Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com
Quarterly update | Q2 2021 | Packaging
Packaging trends
Shift to sustainable packaging1,2 Pulp and paper market3,4 In this update:
Millennials are the driving force behind The pulp and paper market is
the increase in concern regarding expected to reach $679.7 billion by • Packaging trends
overall sustainability, especially 2027 with a CAGR of 3.5 percent. The • Economic outlook
related to plastic. 67.0 percent of paper manufacturing market is
manufacturers are in the process of comprised of three segments: paper • Industry analysis
switching from virgin plastic to and pulp machine manufacturing, • Select M&A transactions
recycled plastic, or rPET. The global paper chemical manufacturing, and
recycled polyethylene terephthalate paper manufacturing. Of these, paper • Appendix
market size is projected to be valued manufacturing is the largest segment.
at $14.4 billion by 2028 at a The global production of pulp and
compound annual growth rate (CAGR) paper will reach 490.0 million tons by
of 6.7 percent. A preference for the end of 2021.
environmentally-friendly products This update will focus on news
drives the shift towards paper-based
packaging and away from plastic.
and trends in the following
areas:
A boom in e-commerce Glass packaging on the
packaging5 rise6 • Shift to sustainable
The global market for e-commerce The global glass packaging market is packaging
accounts for a large portion of targeted to reach a CAGR of 4.4 • Pulp and paper market
online retailing and continues to percent and 73.3 billion by 2026.
grow exponentially following the Glass packaging provides increased • A boom in e-commerce
height on the COVID-19. This environmental safety, taste, and packaging
increase is expected to continue health beyond other forms of
through 2028 as will an elevated packaging. A rising demand for eco- • Glass packaging on the rise
demand for packaging solutions friendly packaging propelled the
which can be shipped through demand for glass packaging. Glass
various distribution channels. is the easiest packaging material to Who we are:
Corrugated box demand is projected recycle and is more durable than
to grow at a CAGR of 4.3 percent other forms of packaging. In Deloitte Corporate Finance LLC
through 2030 and is a critical piece addition, the innovation of
of e-commerce packaging. This lightweight glass saves resources by
is a leading global middle
growth is attributed to a surging reducing energy and raw material market M&A adviser. The firm’s
demand for durable and sustainable consumption. professionals have extensive
packaging solutions.
knowledge in the Packaging
In the news space and use their experience
to help clients create and act
April 2021 – Oliver Inc. (“Oliver”) completed the acquisition of Boutwell
Packaging (“Boutwell”) on April 1, 2021. Boutwell becomes Oliver’s fourth add-
upon opportunities for liquidity,
on acquisition since Pfingsten Partners, a Chicago-based private equity firm, growth, and long-term
invested in Oliver in May 2016. Boutwell is a manufacturer folding carton and advantages.
blister card packaging for several markets.7
April 2021 – Sonoco announced it closed on the sale of its U.S. Display and
Packaging business to Hood Container Corporation on April 5, 2021. Based in
Winston-Salem, N.C., Sonoco’s U.S. Display and Packaging business provides a
variety of services including point-of purchase display design, manufacturing
and fulfillment, and contract packaging services.8
Contacts
April 2021 – On April 20, 2021, ProAmpac announced that it completed its Will Frame
third acquisition in 2021, adding El Dorado Packaging (“El Dorado”) to its Managing Director
portfolio. Once owned by Industrial Opportunity Partners (“IOP”), El Dorado
produces customized packaging solutions for food service, seed, animal health
wframe@deloitte.com
and chemical markets.9 +1 (312) 486-4458
April 2021 – On April 27, 2021, Graphic Packaging Holding Company Bill Kerkam
acquired Americraft Carton, Inc. Americraft Carton is a leading producer of
paperboard products and folding cartons. Under this acquisition, Graphic Managing Director
Packaging will acquire Americraft Carton’s seven converting facilities and wkerkam@deloitte.com
employees.10
+1 (980) 312-3613
May 2021 – The Jordan Company, L.P. (“TJC”) announced its acquisition of
Spartech, LLC (“Spartech”) on May 9, 2021. Headquartered in St. Louis,
Missouri, Spartech produces engineered thermoplastics and custom packaging
solutions and products including UltraTuf™, Royalite®, Korad™,
PreservaPak™, and Polycast®.11
www.investmentbanking.deloitte.com | Page 2Quarterly update | Q2 2021 | Packaging
Macroeconomic outlook
$25.0 US gross domestic product1 15.0%
US treasury yield curve2
2.5% (nominal vs. real)
2.0%
$20.0 10.0%
YoY Percent Change
1.5%
1.0%
Interest Rate
$ in Trillions
$15.0 5.0%
0.5%
$10.0 0.0% 0.0%
(0.5%)
$5.0 (5.0%) (1.0%)
(1.5%)
$0.0 (10.0%)
(2.0%)
GDP ($ in trillions) YoY % growth (adj. for inflation) Real yield (%) Nominal yield (%)
US unemployment rate3 ISM non-manufacturing index
10.0% 1,600 and consumer confidence index4 145.0
9.0% 1,400 135.0
Jobless Claims (Thousands)
60.0
ISM Non-Manufacturing
Consumer Confidence
125.0
8.0% 1,200
% Unemployed
55.0 115.0
7.0% 1,000
105.0
6.0% 800 50.0
95.0
5.0% 600
85.0
45.0
4.0% 400 75.0
3.0% 200 40.0 65.0
Initial Jobless Claims Unemployment Rate (%) ISM Nonmanufacturing Consumer confidence
*An ISM Non-Manufacturing Index value above 50 signals economic expansion.
Raw material pricing
Plastic resin price index5 Pulp, paper & allied products price index
150.0
Jun 2016 = 100 by commodity6
225.0
June 2016 = 100
200.0 135.0
175.0
120.0
150.0
125.0 105.0
100.0
90.0
75.0
50.0 75.0
Polypropylene (PP) Wood Pulp
Polystyrene (PS) Paperboard
Polyethylene Terephthalate (PET) Recycled Paperboard
High-Density Polyethylene (HDPE) Corrugated Containers
www.investmentbanking.deloitte.com | Page 3Quarterly update | Q2 2021 | Packaging
Packaging sector breakdown and trading statistics1
Last Twelve Months NTM
Median
Median Median Median
Number of % of 52 Revenue EV/ EV/ EV/
Sector LTM EBITDA Enterprise
Companies Week High CAGR (3 Revenue EBITDA EBITDA
EBITDA Margin Value ($M)
Yr)
Plastic 8 91.7% 6.6% $785.4 16.2% $7,709.9 1.8x 11.3x 9.6x
Diversified Packaging 7 93.0 3.1 743.7 13.2 7,749.9 1.5 10.8 9.5
Paper and Paperboard 17 86.4 0.6 419.8 14.2 4,396.0 1.3 10.0 7.4
Metal and Glass 3 83.9 2.4 1,969.0 16.2 21,689.4 1.7 10.7 10.6
Packaging Index 35 89.0% 2.7% $764.6 15.2% $7,729.9 1.6x 10.7x 9.5x
Public comparables five-year stock market performance2
S&P 500 Index 104.4%
Dow Jones Industrial Average 92.2%
Packaging Index 43.7%
120.0%
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
(10.0%)
(20.0%)
(30.0%)
(40.0%)
Dow Jones Industrial Average S&P 500 Packaging Index
www.investmentbanking.deloitte.com | Page 4Quarterly update | Q2 2021 | Packaging
Select Packaging
packaging M&A transactions1,2
Enterprise EV/ EV/
Date Target/acquiror Business description
Value (EV) Revenue EBITDA
Flexo Converters USA, Inc. Flexo Converters USA, Inc. manufactures and
21-May
Novolex distributes paper bags in the United States. - - -
Spartech LLC manufactures and sells engineered
Spartech LLC
21-May thermoplastic materials and specialty packaging
The Jordan Company, L.P. - - -
products in the United States.
C.L. Smith Company, LLC C.L. Smith Company, LLC provides packaging
21-May
Inmark, LLC solutions. - - -
Target Labels & Packaging, LLC manufactures
flexographic and digitally printed, laminated, and
Target Labels & Packaging, LLC converted packaging labels, roll stock, and
21-May
PPC Flexible Packaging LLC pouches for nutraceutical, snack, confectionary, - - -
and specialty consumer markets focused in the
western United States.
Americraft Carton, Inc. Americraft Carton, Inc. manufactures and supplies
21-Apr Graphic Packaging Holding paperboard folding cartons and packaging
280.0 2.1x -
Company products.
El Dorado Packaging, Inc. manufactures and sells
paper bags and printed paper roll stocks for
El Dorado Packaging, Inc.
21-Apr sugar, flour, corn meal, cat litter, salt, rice, and
ProAmpac Intermediate, Inc. - - -
other consumer and commercial food industries in
the United States.
Display and Packaging
As of April 4, 2021, Display and Packaging
Business of Sonoco Products
21-Apr Business of Sonoco Products Company was
Company 80.0 - -
acquired by Hood Container Corporation.
Hood Container Corporation
Boutwell, Owens & Co., Inc. designs and
Boutwell, Owens & Co., Inc.
21-Apr manufactures printed paperboard packaging
Oliver Inc. - - -
products for the retail market.
Bell Container Corp. designs and manufactures
Bell Container Corp.
21-Apr custom corrugated containers for shipping and
SupplyOne, Inc. - - -
packaging needs.
Annual packaging M&A transaction volume3
300
262
247
Number of transactions
250 231
210 83 217 214
61 201 194 196
200 180 70
63 54 55 171
61 47 52 155
58 186 179
150 30
161 163 159 28
147 140 147 144 141 101
100 122 127 77 14
15 87
50
62
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD YTD
Undisclosed Disclosed 2020 2021
www.investmentbanking.deloitte.com | Page 5Quarterly update | Q2 2021 | Packaging
Appendix
Public comparables analysis1
Last Twelve Months NTM
Enterprise
% of 52 Revenue CAGR LTM EBITDA Value EV/ EV/ EV/
Company (Ticker) Week High LTM Revenue (3 Yr) EBITDA Margin ("EV")(1) Revenue EBITDA EBITDA
($ in Millions)
Plastic
Amcor plc (ASX:AMC) 91.7% $12,549.5 10.8% $1,967.9 15.7% $23,700.8 1.9x 12.0x 11.3x
Avery Dennison Corporation (NYSE:AVY) 92.9 7,299.8 2.3 1,137.4 15.6 19,265.0 2.6 16.9 15.0
Berry Global Group, Inc. (NYSE:BERY) 92.0 12,424.0 18.2 2,290.0 18.4 18,981.2 1.5 8.3 8.2
Brady Corporation (NYSE:BRC) 90.7 1,090.3 (2.2) 182.5 16.7 2,637.9 2.4 14.5 11.0
CCL Industries Inc. (TSX:CCL.B) 94.2 4,209.7 2.5 870.1 20.7 10,963.8 2.6 12.6 11.7
Intertape Polymer Group Inc. (TSX:ITP) 87.4 1,280.4 11.3 182.1 14.2 1,920.2 1.5 10.5 7.3
RPC Group Limited NA 4,910.6 31.9 700.6 14.3 4,456.0 0.9 6.4 0.0
Winpak Ltd. (TSX:WPK) 80.5 891.5 0.1 188.8 21.2 1,573.9 1.8 8.3 7.9
Median 91.7% 16.2% 1.8x 11.3x 9.6x
Mean 89.9% 17.1% 1.9x 11.2x 9.0x
Diversified Packaging
DS Smith Plc (LSE:SMDS) 92.9% $8,255.2 2.7% $971.5 11.8% $10,446.8 1.3x 10.8x 8.3x
Greif, Inc. (NYSE:GEF) 91.7 4,731.4 7.5 625.8 13.2 5,494.6 1.2 8.8 7.1
Huhtamäki Oyj (HLSE:HUH1V) 85.7 3,959.1 3.8 516.8 13.1 6,115.3 1.5 11.8 11.0
Orora Limited (ASX:ORA) 98.5 2,735.0 (5.2) 242.1 8.9 2,581.2 0.9 10.7 9.5
Sealed Air Corporation (NYSE:SEE) 99.8 4,996.4 3.1 992.3 19.9 12,445.0 2.5 12.5 10.2
Silgan Holdings Inc. (NasdaqGS:SLGN) 93.2 5,129.7 6.1 809.2 15.8 7,749.9 1.5 9.6 8.7
Sonoco Products Company (NYSE:SON) 95.8 5,287.5 0.8 743.7 14.1 8,144.5 1.5 11.0 9.7
Median 93.0% 13.1% 1.4x 10.7x 9.1x
Mean 93.6% 13.8% 1.5x 10.7x 9.1x
Paper and Paperboard
Bio Pappel, S.A.B. de C.V. (BMV:PAPPEL *) 99.8% $1,359.1 5.2% $222.2 16.3% $1,179.6 0.9x 5.3x N/A
Cascades Inc. (TSX:CAS) 82.6 4,033.8 4.8 477.0 11.8 2,753.8 0.7 5.8 5.3
Clearwater Paper Corporation (NYSE:CLW) 63.2 1,816.6 1.6 268.7 14.8 1,210.9 0.7 4.5 7.7
Empresas CMPC S.A. (SNSE:CMPC) 72.9 5,368.0 (0.4) 743.7 13.9 9,251.7 1.7 12.4 4.6
Graphic Packaging Holding Company (NYSE:GPK) 91.8 6,609.9 11.1 1,013.6 15.3 9,500.5 1.4 9.4 8.0
International Paper Company (NYSE:IP) 93.9 20,591.0 (2.5) 2,995.0 14.5 31,647.5 1.5 10.6 7.6
Mayr-Melnhof Karton AG (WBAG:MMK) 97.6 2,961.3 2.5 419.8 14.2 4,396.0 1.5 10.5 9.0
Nampak Limited (JSE:NPK) 62.2 764.0 (13.7) 48.0 6.3 463.5 0.6 9.7 0.0
Neenah, Inc. (NYSE:NP) 81.6 786.0 (7.8) 100.1 12.7 1,017.3 1.3 10.2 7.2
Packaging Corporation of America (NYSE:PKG) 86.5 6,756.7 0.8 1,288.7 19.1 14,353.7 2.1 11.1 9.3
Glatfelter Corporation (NYSE:GLT) 71.7 910.6 13.7 118.7 13.0 859.8 0.9 7.2 6.5
Sappi Limited (JSE:SAP) 78.5 4,446.0 (6.8) 270.0 6.1 3,735.9 0.8 13.8 5.4
Smurfit Kappa Group Plc (ISE:SK3) 98.4 10,434.3 (0.1) 1,672.2 16.0 16,799.9 1.6 10.0 8.9
Stora Enso Oyj (HLSE:STERV) 90.0 10,789.7 (3.9) 1,512.9 14.0 18,640.6 1.7 12.3 8.1
Svenska Cellulosa Aktiebolaget SCA (publ) (OM:SCA B) 86.4 2,281.0 0.6 398.5 17.5 12,542.7 5.5 31.5 16.6
WestRock Company (NYSE:WRK) 85.8 17,547.1 3.8 2,655.3 15.1 23,546.7 1.3 8.9 6.2
Median 86.4% 14.2% 1.3x 10.0x 7.4x
Mean 84.8% 13.5% 1.5x 10.8x 7.2x
Metal and Glass
Ball Corporation (NYSE:BLL) 78.8% $12,121.0 2.4% $1,969.0 16.2% $34,277.2 2.8x 17.4x 14.9x
Crown Holdings, Inc. (NYSE:CCK) 89.2 12,552.0 8.3 2,034.0 16.2 21,689.4 1.7 10.7 10.6
O-I Glass, Inc. (NYSE:OI) 83.9 6,030.0 (4.8) 846.0 14.0 7,290.7 1.2 8.6 6.4
Median 83.9% 16.2% 1.7x 10.7x 10.6x
Mean 84.0% 15.5% 1.9x 12.2x 10.6x
Footnote:
(1) Enterprise value equals market value of equity plus net debt.
www.investmentbanking.deloitte.com | Page 6Quarterly update | Q2 2021 | Packaging
Deloitte Corporate Finance dedicated packaging team
Will Frame – Managing Director (Head of Bill Kerkam – Managing Director (Co-lead of paper,
Industrials and Co-lead of paper, plastics and plastics and packaging)
packaging)
Bill Kerkam is a managing director with Deloitte
Will Frame is the Americas leader for Deloitte Corporate Finance LLC (DCF). Prior to joining DCF, Bill
Corporate Finance LLC (DCF). He also leads led and managed acquisition and divestiture activities for
DCF’s industrial products Group. Now based in WestRock Company (NYSE: WRK) and MeadWestvaco
Chicago, Will has worked professionally in the (NYSE: MWV). His transaction experience in the
US, Europe, and Asia and specializes in leading packaging sector includes leading buy-side and sell-side
complex cross-border M&A transactions. assignments domestically and abroad, including Western
and Eastern Europe, Asia and South America.
Will has been a managing director with DCF in
the US since October 2000. Prior to that he was Previously, Bill worked for two nationally recognized
an assistant director in the corporate finance investment banks focusing on sell-side advisory services
division of Deloitte & Touche LLP in the United to companies in the general manufacturing, services and
Kingdom. distribution sectors.
Contact Information: Contact Information:
111 S. Wacker Drive, Chicago, IL 60606 550 S. Tryon St., #2500, Charlotte, NC 28202
Phone: (312) 486-4458 Phone: (980) 312-3613
Email: wframe@deloitte.com Email: wkerkam@deloitte.com
Select Recent DCF Packaging Transactions
Hub Folding Box Company
All Packaging Third Dimension, Inc. has been acquired by Trojan Lithograph
Midwest Paper Group Englander dZignPak LLC
Company has been acquired by Corporation
has been acquired by has been acquired by
has been acquired by has been acquired by
GPA Global
a portfolio company of
Green Bay Packaging, Mill Rock Capital Industrial Opportunity Packaging Corporation
Mill Rock Capital
Inc. EQT Partners Partners, LLC of America
The undersigned acted as The undersigned acted as exclusive The undersigned acted as The undersigned acted as exclusive The undersigned acted as exclusive
The undersigned acted as
financial advisor to financial advisor to Midwest Paper financial advisor to Englander
exclusive financial advisor to exclusive financial advisor to exclusive financial advisor to
Hub Folding Box Company. Group dZignPak LLC
Mill Rock Capital Third Dimension, Inc. Mill Rock Capital
Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC
Macro Plastics, Inc. AGI-Shorewood Group
AGI-Shorewood Group has been acquired by a portfolio company of
has sold its European beauty and
RLC Packaging Group Plastic Packaging Inc. Austin Foam Plastics, Inc.
personal care folding carton
operations to Atlas Holdings LLC has been acquired by
has been acquired by has divested its North American and has been acquired by
IPL Inc. Asian print and packaging business to
a subsidiary of
Mayr-Melnhof Packaging
International GmbH One Fifty One plc AR Packaging Group Sonoco Products Co. Sealed Air Corporation
Multi Packaging Solutions
The undersigned acted as The undersigned acted as The undersigned acted as exclusive The undersigned acted as The undersigned acted as The undersigned acted as
exclusive financial advisor to exclusive financial advisor to financial advisor to exclusive financial advisor to exclusive financial advisor to exclusive financial advisor to
AGI-Shorewood Group. Macro Plastics, Inc. rlc packaging group. Plastic Packaging Inc. Austin Foam Plastics, Inc.
AGI-Shorewood Group.
Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC
www.investmentbanking.deloitte.com | Page 7Quarterly update | Q2 2021 | Packaging
Sources cited
Page 2:
1. Research and Markets. “Global Recycled Polyethylene Terephthalate (rPET) Market 2021-2028: Changing Consumer Behavior
Towards Sustainability & Ban on Landfills Driving Growth
Global Recycled Polyethylene Terephthalate (rPET) Market (globenewswire.com)
2. Packaging World. “Beverage Manufacturers Respond to Consumer Trends on Plastic Packaging”
Consumer Trends on Plastic Packaging Impacting Beverage Manufacturers | Packaging World (packworld.com)
3. Linchpin. “Trends Transforming The Pulp and Paper Industry in 2021”
Trends Transforming The Pulp And Paper Industry In 2021 | Linchpin (linchpinseo.com)
4. The Manomet Current. “Paper & Pulp Market to Grow at 3.45%. CAGR by 2027 Driven by Suppliers and Sales Statistics”
Paper & Pulp Market to Grow at 3.45%. CAGR by 2027 Driven by Suppliers and Sales Statistics – The Manomet Current
5. Smithers. “Four key trends that will shape the future of packaging to 2028”
4 Trends That Will Change Packaging Industry by 2028 | Smithers
6. Mordor Intelligence. “GLASS PACKAGING MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)”
Glass Packaging Market Size, Trends | Indsutry Forecast 2021 to 2026 - Mordor Intelligence
7. GenZ & Associates. “Pfingsten Partners portfolio company, Oliver Inc. Acquires Boutwell, Owens & Co.”
Pfingsten Partners portfolio company, Oliver Inc. Acquires Boutwell, Owens & Co. – Genz Associates.
8. Sonoco. “Sonoco Divests U.S. Display Business to Hood Container Corporation”
Sonoco Divests U.S. Display Business to Hood Container Corporation | Sonoco (gcs-web.com).
9. ProAmac. “ProAmpac Acquires El Dorado Packaging, Strengthening its Consumer and Industrial Paper Packaging Offering”
ProAmpac Acquires El Dorado Packaging, Strengthening its Consumer and Industrial Paper Packaging Offering | ProAmpac
Flexible Packaging
10. NS Packaging. “Graphic Packaging to acquire Americraft Carton for $280m”
Graphic Packaging to acquire Americraft Carton for $280m (nspackaging.com)
11. Spartech. “The Jordan Company Closes Acquisition of Spartech”
The Jordan Company Closes Acquisition of Spartech | Spartech
Page 3:
1. US Bureau of Economic Analysis. https://www.bea.gov/, accessed July 25, 2021. Data as of June 30, 2021.
2. US Department of the Treasury. https://home.treasury.gov/, accessed July 25, 2021. Data as of June 30, 2021.
3. US Bureau of Labor Statistics. https://www.bls.gov/, accessed July 25, 2021. Data as of June 30, 2021.
4. S&P Capital IQ. https://www.capitaliq.com, accessed July 25, 2021. Data as of June 30, 2021.
5. Plastics News. http://www.plasticsnews.com/, accessed July 25, 2021. Data as of June 30, 2021.
6. St. Louis Fed. https://www.stlouisfed.org/, accessed July 25, 2021. Data as of June 30, 2021.
Page 4:
1. S&P Capital IQ. https://www.capitaliq.com, accessed July 25, 2021. Data as of June 30, 2021.
2. S&P Capital IQ. https://www.capitaliq.com, accessed July 25, 2021. Data as of June 30, 2021.
Page 5:
1. S&P Capital IQ. https://www.capitaliq.com, accessed July 25, 2021. Data as of June 30, 2021.
2. Mergermarket. https://www.mergermarket.com, accessed July 25, 2021. Data as of June 30, 2021.
3. S&P Capital IQ. https://www.capitaliq.com, accessed July 25, 2021. Data as of June 30, 2021.
Page 6:
1. S&P Capital IQ. https://www.capitaliq.com, accessed July 25, 2021. Data as of June 30, 2021.
www.investmentbanking.deloitte.com | Page 8Quarterly update | Q2 2021 | Packaging
Deloitte Corporate Finance LLC (DCF)
DCF provides deal execution and lead financial advisory services to large corporate, middle market, private equity and
venture capital firms. DCF and its affiliates maintain a presence in key US financial centers.
For additional information or to find out more about how DCF can assist the deal initiation and execution process,
please contact one of our DCF managing directors:
Phil Colaco John Deering Jamie Lewin Justin Silber
CEO jdeering@deloitte.com jlewin@deloitte.com jsilber@deloitte.com
philcolaco@deloitte.com +1 704 333 0574 +1 214 840 7057 +1 404 942 6960
+1 704 333 0533
Keith Adams Lorin DeMordaunt James Miller Tom Spivey
keadams@deloitte.com ldemordaunt@deloitte.com jamesmiller5@deloitte.com tspivey@deloitte.com
+1 404 631 3455 +1 704 333 0591 +1 704 731 8230 +1 214 840 7014
Eric Andreozzi Will Frame Byron Nelson Matt Preece
eandreozzi@deloitte.com wframe@deloitte.com bynelson@deloitte.com mpreece@deloitte.com
+1 704 333 0518 +1 312 486 4458 +1 469 417 2462 +1 704 731 7186
Tony Blanchard Simon Gisby Lou Paone
anblanchard@deloitte.com sgisby@deloitte.com lpaone@deloitte.com
+1 313 396 3738 +1 212 436 2495 +1 704 731 7202
Doug Bolt Bill Kerkam Hector Calzada
dbolt@deloitte.com wkerkam@deloitte.com hcalzada@deloitte.com
+1 704 731 7219 +1 980 312 3613 +1 404 631 3015
Deloitte Corporate Finance Business Development Group:
Brad Heston John Lindsey Bill Pucci
Senior Vice President Senior Vice President Senior Vice President
bheston@deloitte.com jlindsey@deloitte.com wpucci@deloitte.com
+1 404 631 3839 +1 469 417 2147 +1 973 602 4542
www.investmentbanking.deloitte.com
www.investmentbanking.deloitte.com | Page 9Quarterly update | Q2 2021 | Packaging
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About DCF
Deloitte Corporate Finance LLC (DCF), a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and
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